NZD/JPY 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
A double top resulted in a smooth downfall within the bounds of a descending channel pattern on the daily time-frame. The pattern has been holding strong and is most likely to experience another confirmation as a rising wedge emerges on the hourly chart. The pair has just tapped at the upper trend-line of the pattern and is expected to slip first towards the bottom bound of the wedge around 76.26 and then break beneath the area to target 76.00. Most of the demand levels lie inside of the wedge, meaning that the pair might stick around the senior channel upper trend-line as the downward momentum takes over.
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